Skip to main content

Enhancements to the Borrower's Needs List (Client-Specific Enhancement)

Michael Ferri
  • Updated

Overview

Release 6.0.4000 includes the following changes to the Borrower's Needs List:

  • certain documents have been removed from the Borrower's Needs List (BNL) 
  • additional documents have been added to the BNL
  • updates have been made to existing BNL items

Note: this feature is client-specific and does not affect all customers

 

Changes to the Borrower's Needs List

The following documents have been removed from the BNL:

  1. Borrower Authorization and Certification
  2. Unsigned 4506-T Request for Transcript of Tax Returns
  3. Social Security Authorization
  4. Drivers License
  5. 1040 Individual Federal Tax Returns
  6. Partnership Agreement
  7. Articles of Incorporation
  8. Bank Statements

The following documents have been added to BNL:

  1. Profit and Loss Statement-Balance Sheet
  2. Business Bank Statement
  3. Est. Settlement Statement
  4. Final Settlement Statement
  5. Proof of Receipt for Disability Income
  6. Earnest Money Deposit
  7.  Schedule K-1 for all entities listed on Schedule E on 1040's
  8. 1065 Partnership Tax Returns

The following documents have been updates within the BNL:

  1. Gift Letter
  2. Statement of Account
  3. Evidence of Payment
  4. 1120-S Corporate Tax Returns
  5. Trust Documents

_______________________________________________________________________________________________________________

Acceptance Criteria

Use Case #1: Updated Documents
  1. Start a new Purchase Loan in LC
    1. ALTERNATE WORKFLOW: Start a new Refinance Loan in LC
  2. Go to the Credit Tab
  3. Within the Real Estate section,
    1. Within the "Existing Address" dropdown, Select "Not Listed - Add a Property" 
    2. Within the "Comment" dropdown, Select "Sold"
    3. Complete the rest of the REO Flyout by entering all the required fields
    1. For the Primary Borrower, Add another Real Estate by clicking on the "Add Real Estate" link (REO Property 1)
  4. Within the Liabilities section,
    1. Enter a value in the Creditor field (Say "Liability Creditor 2")
    2. Complete all fields in the row
    3. Within the "Comment" dropdown, Select "Someone Else Pays"
    1. Enter a value in the Creditor field (Say "Liability Creditor 1")
    2. Complete all fields in the row
    3. Within the "Comment" dropdown, Select "Paid Off"
    1. For the Primary Borrower,  Add a Liability by clicking on the "Add Liability" link (Liability 1)
    2. For the Primary Borrower,  Add another Liability by clicking on the "Add Liability" link (Liability 2)
  5. Go to the Assets Tab.
  6. Within the Other Assets and Credits Section:
    1. For the Primary Borrower,  Add an entry for "Proceeds from a Property Sale" and complete all fields in the row
    2. For the Primary Borrower, Add an entry for "Earnest Money" and complete all fields in the row
  7. Within the Gift Funds & Grants Section:
    1. For the Primary Borrower, Add an entry for "Cash Gift" and complete all fields in the row
    2. For the Primary Borrower, Add an entry for "Gift of Equity" and complete all fields in the row
    3. For the Primary Borrower, Add an entry for "Grant" and complete all fields in the row
  8. Go to Loan Mega Menu > Borrower's Needs List
  9. Click on "Run Needs List"
  10. VERIFY: The Following Documents are generated
    1. Document Name - Statement of Account (for Liability 2)
    2. Document Name -  Evidence of Payment (for Liability 1)
    3. Document Name -  Final Settlement Statement (for REO Property 1)
    4. Document Name -  Est. Settlement Statement
    5. Document Name - Earnest Money Deposit
    6. Document Name - Gift Letter (Note: There will be Three such BNL Entries)
Use Case #2:
  1. Start a new Purchase Loan in LC
    1. ALTERNATE WORKFLOW: Start a new Refinance Loan in LC
  2. Go to the Income Tab.
  3. Select Current Employment Type to "Self Employed"
  4. Select Legal Entity Type as "LLC: Partnership"
    1. ALTERNATIVE WORKFLOW: Repeat above step with Legal Entity Type "Partnership"
  5. Enter all the required fields appropriately in the "Current Income" section.
  6. In the Other Income Section:
    1. For the Primary Borrower, Add a "Disability" Income Type by clicking on the "Add Item" link
    2. For the Primary Borrower, Add a "Trust" Income Type by clicking on the "Add Item" link
  7. Go to Loan Mega Menu > Borrower's Needs List
  8. Click on "Run Needs List"
  9. VERIFY: The Following Documents are generated
    1. Borrower Description Dynamic - Generated by BRMS - Please provide a copy of your {DocMatrixFullDesc} .
    2. VERIFY: The Dynamic texts are populated with the correct values from their respective entries
    1. Borrower Description Dynamic - Generated by BRMS - If ownership interest is 25% or more, please provide a copy of your {DocMatrixFullDesc} for {CompanyName} documenting the most recent two (2) year period.  If filing separately, please provide for each borrower.
    2. VERIFY: The Dynamic texts are populated with the correct values from their respective entries.
    1. Borrower Description Dynamic - Generated by BRMS - Please provide the most recent 3 months bank statements or awards letter for {DocMatrixFullDesc} for {BorrowerName}.
    2. VERIFY: The Dynamic texts are populated with the correct values from their respective entries
    1. Borrower Description Dynamic - Generated by BRMS - Please provide copies of {DocMatrixFullDesc} documenting {OtherIncomeType} with year-to-date distribution and continuance for next 3 years
    2. VERIFY: The Dynamic texts are populated with the correct values from their respective entries
    1. Borrower Description Dynamic - Generated by BRMS - If ownership interest is 25% or more, please provide a  {DocMatrixFullDesc} through the end date of the profit and loss for each business listed as employment on the application
    2. VERIFY: The Dynamic texts are populated with the correct values from their respective entries
    1. Borrower Description Dynamic - Generated by BRMS - Please provide copies of the three (3) months most recent {DocMatrixFullDesc} for {CompanyName}.
    2. VERIFY: The Dynamic texts are populated with the correct values from their respective entries
    1. Document Name - Schedule K-1 for all entities listed on Schedule E on 1040's
    2. Document Name - 1065 Partnership Tax Returns
    3. Document Name - Proof of Receipt for Disability Income
    4. Document Name - Trust Documents
    5. Document Name - Profit and Loss Statement-Balance Sheet
    6. Document Name - Business Bank Statement
  10. Go to the Income Tab.
  11. Select Current Income Legal Entity Type as "LLC: S-Corp"
    1. ALTERNATIVE WORKFLOW: Repeat above step with Legal Entity Type "S-Corp"
  12. Enter all the required fields appropriately in the "Current Income" section.
  13. Go to Loan Mega Menu > Borrower's Needs List
  14. Click on "Run Needs List"
  15. VERIFY: The Following Documents are generated
    1. Document Name - Schedule K-1 for all entities listed on Schedule E on 1040's
    2. Document Name - 1120-S Corporate Tax Returns
    3. Document Name - Profit and Loss Statement-Balance Sheet
    4. Document Name - Business Bank Statement
 
 
Use Case #3:  
Preconditions: eVOA will be performed in this test
 
  1. Start a new purchase transaction in Clover
    1. ALTERNATE WORKFLOW: Start a new Refinance transaction in Clover
  2. Complete the Loan Purpose, Personal, Property and Income steps in Clover.
  3. Within the Assets tab, 
    1. Add a Cash Gift 
    2. Add a Gift of Equity
    3. Add a Grant
    4. Add Earnest Money
    5. Add Proceeds from a Property Sale.
  4. Perform eVOA for your account. 
  5. Complete the Declarations, Demographics, Credit and Submit steps.
  6. On the "Your Tasks" page,  VERIFY: 
    1. Document Name -  Est. Settlement Statement
    2. Document Name - Earnest Money Deposit
    3. Document Name - Gift Letter (Note: There will be Three such BNL Entries)
 
Use Case #4: Additional Documents
  1. Start a new purchase transaction in LC
    1. ALTERNATE WORKFLOW: Start a new Refinance transaction in LC
  2. Go to Loan Mega Menu > Borrower's Needs List
  3. Click on "Add Needs List Item" and manually search & add the document "Est. Settlement Statement."
  4. Click on "Add Needs List Item" and manually search & add the document "Final Settlement Statement"
  5. Click on "Add Needs List Item" and manually search & add the document "Proof of Receipt for Disability Income"
  6. Click on "Add Needs List Item" and manually search & add the document "Earnest Money Deposit"
  7. Click on "Add Needs List Item" and manually search & add the document "Schedule K-1 for all entities listed on Schedule E on 1040's"
  8. Click on "Add Needs List Item" and manually search & add the document "1065 Partnership Tax Returns"
  9. Save the loan, Navigate away from the BNL Page BNL page and come back to it
  10. VERIFY: NO Description Value is displayed under any of the Documents manually added in steps 3-8
Use Case #5: Removed Documents
  1. Start a new purchase transaction in Clover
    1. ALTERNATE WORKFLOW: Start a new Refinance transaction in Clover
  2. Enter First and Last Name
  3. Go to Loan Mega Menu > Borrower's Needs List
  4. Click on "Run Needs List"
  5. VERIFY: The Following Documents are NOT generate
    1. Document Name - Borrower Authorization and Certification
    1. Document Name - Unsigned 4506-T Request for Transcript of Tax Returns
    1. Document Name - Social Security Authorization
    1. Document Name - Drivers License
  6. Go to the Income Tab.
  7. Select Current Income Legal Entity Type as "LLC: S-Corp"
    1. ALTERNATIVE WORKFLOW: Repeat above step with Legal Entity Type "S-Corp, C-Corp, LLC: C Corp"
  8. Enter all Required fields on the Income Tab
  9. Go to Loan Mega Menu > Borrower's Needs List
  10. Click on "Run Needs List"
  11. VERIFY: The Following Documents are NOT generated
    1. Document Name - Articles of Incorporation
  12. Go to the Income Tab.
  13. Enter all other Required fields on the Income Tab
  14. Select Current Income Legal Entity Type as "LLC: Partnership"
    1. ALTERNATIVE WORKFLOW: Repeat above step with Legal Entity Type "Partnership"
  15. Enter all Required fields on the Income Tab
  16. Go to Loan Mega Menu > Borrower's Needs List
  17. Click on "Run Needs List"
  18. VERIFY: The Following Documents are NOT generated
    1. Document Name - Partnership Agreement
  19. Go to the Income Tab
  20. Select "Disability Income" within the Other Income.
  21. Go to Loan Mega Menu > Borrower's Needs List
  22. Click on "Run Needs List"
  23. VERIFY: The Following Documents are NOT generated
    1. Document Name - Bank Statements

Corresponding Feature(s): 458602

Related articles

Comments

0 comments

Please sign in to leave a comment.